Question: Note: Round your answers to 2 decimal places, unless stated otherwise. Ignore $ sign and commas in expression like 10,000 etc... Five years ago, Phuc
Note: Round your answers to 2 decimal places, unless stated otherwise. Ignore $ sign and commas in expression like 10,000 etc... Five years ago, Phuc purchased a new house. He was able to obtain a 25-year 6.0% (per annum, compounded semi-annually) amortised loan but he had to put down a 10% deposit. The loan requires half-yearly repayments of $15,000 where the first payment was due 6 months after the loan was taken. He had enough savings for the down payment and he has never skipped any payment so far What is the original loan amount? [2 marks] a) S b) What is the cost of the house that he purchased? [2 marks] c) How much does he owe the bank now, assuming that the 10th payment has been made? [3 marks)
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